The Petroleum Based Lubricant Market in Iceland saw significant growth between 2013 and 2023, starting from USD 8.519 million in 2013 and reaching USD 14.741 million in 2023. Year-on-year growth generally trended positive, peaking in 2016 with a 20.53% increase. However, there was a notable downturn in 2020 with a 14.08% reduction, likely influenced by the global pandemic. Recoveries were observed in the following years, achieving a compounded annual growth rate (CAGR) of 2.62% over the last five years with stabilizing growth trends.
Future trends to watch for include potential shifts in global oil prices, advancements in lubricant technology, and increased environmental regulations that may push for more sustainable alternatives. Additionally, economic factors such as local industrial growth and vehicle usage will significantly impact market dynamics.
| # | 43 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 8,304,600,000 | 2023 | -5.15% | -5.77% | View data |
| 2 | 2 Japan | 3,222,400,000 | 2023 | -0.53% | -0.65% | View data |
| 3 | 3 Germany | 2,383,500,000 | 2023 | +0.11% | -1.38% | View data |
| 4 | 4 France | 1,868,800,000 | 2023 | +0.13% | -0.45% | View data |
| 5 | 5 India | 1,796,200,000 | 2023 | +2.95% | +1.81% | View data |
| 39 | 39 Costa Rica | 21,716,000 | 2023 | +1.63% | +1.31% | View data |
| 40 | 40 Bahrain | 16,957,000 | 2023 | +2.08% | +1.97% | View data |
| 41 | 41 Iceland | 14,741,000 | 2023 | +2.81% | +2.62% | |
| 42 | 42 Mauritius | 4,188,400 | 2023 | +0.25% | -2.68% | View data |
| 43 | 43 Malta | 2,871,800 | 2023 | +0.64% | +1.12% | View data |
